Investment advisor Charles Schwab to launch subsidiary in Shanghai

New York-listed financial services firm Charles Schwab Corp announced on Thursday that it has launched a wholly-owned enterprise in Shanghai, its first presence on the Chinese mainland.

Charles Schwab (Shanghai) Enterprise Management Consulting Ltd is to focus on investor education, with the aim of enhancing awareness of financial advisory and planning.

"As striking reforms take place within China's financial industry, Charles Schwab hopes to use its knowledge and industry experience to inject new vitality into China's wealth management sector," said Thomas Pixley, general manager of Charles Schwab's China Office.

"We will work with local governments and financial institutions to support the sector's rapid development," Pixley said.

Coinciding with the launch of Charles Schwab China, Charles R Schwab, founder and chairman of the board, has released a Chinese mainland version of his memoir, Invested: Changing Forever the Way Americans Invest.

The memoir describes how Schwab founded the company, its growth, and the obstacles it faced in advocating for every American's right to affordable investment, regardless of their age, occupation or total assets.